The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-16
WHEAT HOLDING ITSOWN
CHICAGO BULLS MORE SCARED
THAN HURT.


Wounded and Scared Kershaw g.
Co., with Ample Funds, Come to the
Rescue-Porkopolis Interested De-
spite Their Indignant Denials.
CHICAGO, June 15.-The Board of Trade
directors held a special session before the
opening of change to-day for the purpose
of deciding whether or not to take any
action. 1t was thought when the meeting
was called that it would be best to adjourn
the board for day in order to allow the
excitement to cool off, but it was finally
decided that no action was necessary
GOOD NEWS FOR THE MARKET.
There was an enormous crowd on the floor
and in the galleries of the Board of Trade
long before the opening hour this morning
When the bell sounded at $50 roar went
up and the days session began. The first
sales of wheat were at IS 1-2c. for June and
76c. for July, which was an advance of sc
and &c. respectively, soon after the open
ing.
At this point the Secretary raped for
silence 1t was a difficult thing to obtain
but when he finally prevailed, he read the
following:
''GENTLEMEN-We are prepared to pay
margin below the market.
&C. j. KERsHAw & Co."
A yell of delight broke out at this news
and the galleries, which were crowded to
suffocation by ladies, responded by a
tumultuous waving of handkerchiefs. The
few announcements of several small failures
following did not check the enthusiasm.
President Wright then announced the sus-
pension of three small firms, viz: j. Il.
Youst & Co., B. J. McCleagy and s. c. Orr.
The suspension of these firms did not cause
any excitement as they were in no way
identified with the clique. At 10 o'clock the
price was IS 1-2c. for June and rs 1-2c for
July. The suspension of Pickering & Co,
another small firm, was announced shortly
after 10 O'Clock
IN A WHIRLwIND.
Up to 1130 eight failures had been an
nounced. The excitement in the pit in
creased fast and the bears were savagely
raiding the market At 1:52 a. M, July
was sent down to 70 34c. From there it
dropped to y 1-2c., then 72 3-Sc, then ~ 1-4c.,
then rec, then Il 7-Sc., then in one Jump to
Tic. Another drop to 20 1-2c was recorded
at 1902 From this point it declined to roc,
then recovered in jumps Of 1-2c to 70 1-2c.
and 71c then back to 20 3-4c., and at 1911
this afternoon it was n 3-4c, for July and
Il 7-Sc. for June.
KERsHAw co. POSTED.
A few minutes after noon Kershaw &
Co. were officially posted as having failed
20 go through the clearing house This
meant their collapse. The immediate cause
Of their failure was Rosenfeld & Co., who
garnisheed Kershaw's account in the Ameri-
can Exchange National Bank. At p M,
the closing half hour on Change, witnessed
an almost complete subsidence of the in
tense excitement which prevailed when
wheat broke to 70c
TO the inquiries of a reporter, Mr. Ker-
shaw said he could have met all claims
against his firm if Rosenfeld had not gar
nisheed the money which he checked against.
thereby locking up $1000,000, which rumor
says he had TO his credit. The following
clearing house: S. D. Eldridge, R. NJ. B.
Crofts & Co., K. H. Mathews, Youst &
Briedy, B. J. McCleary, H. J. Youst & Co,
Hibbard 6 Co, and Pickering G. Co. Just
before the close of the session T. E. Belling
q Co, announced that they We're even on
the market and requested that their trades
should not be closed out. The morning ses-
SION closed with firmer feeling. During
the last hours July wheat fuctuated be-
tween Il 7-8c. to ~ 5-Sc., the latter figure
being the highest of the hour.
WATCHING DEVELOPMENTS.
Everybody was on the qui vive for de
velopments, and while the excitement did
not run as high as yesterday, the feeling was
lar more nervous and feverish. The un-
certainty of the financial standing of some
OF the HOUSES was what caused the anxiety,
and as one firm after another-some twelve
IN ail-2ave notice that they were unable to
margin their trades and asked to have the
trades closed, the anxiety increased. Out
slde influences counted for moth
ing; everything depended on local
developments The opening was wild
and excited, and as the announcement
was made by one of the principal firms con
nected with the 'longs" that all margins
would be put up, the market became strong.
1t started up, advancing TO a point PC.
higher for June, lac. higher for July and
l-2c. higher for the other futures than the
closing of yesterday. But the advance
Drought out heavy offerings and then came
the announcement, one after another from
The firms to close out trades and
A PANIC QUICKLY FOLLOWED.
The operators expected some further inn
portant announcement at noon, and for five
minutes deathlike stiffness reigned, but in
THIS short interval the hands of the ndica-
tof quietly recorded a drop OF l-2c. and lc.
at time, and July touched zoe. Never
before had such an appalling stiffness reign
ed, with wheat dropping &c. in as many
minutes. But the reaction came and the
price Of july gradually shot up l-2c. and lc.,
aU tlme selling to T3, followed by Dumer-
Gus fluctuations. The decline for July,
from the highest point to-day, was 6$lc.,
and from the highest point reached last
week l12sc., and closing about 2@5c lower
than yesterday.
june declined 9lsc. from the highest
point reached this morning, and 25s4c.
from the highest point reached last
week, closing at 4$c. lower than yesterday
Inc more deferred futures ruled at pre-
mum over the near futures, but all sold
lower, August ruling 4c., September 29sc.
ana December &c lower than yesterday,
ana closing at from | 1sc. 10 &c. lower. The
nome markets We're very unsettled and gen
orally lower, The foreign markets were
depressed, and the quantity on the ocean
showed large increase.
OTHER QUOTATIONS AFFECTED.
Corn was unsettled and weak Trading
was fair, with considerable long corn on
the market, and several lots were closed out.
lhe market acted in sympathy with wheat,
opening excited at about 1tc higher than
the closing of yesterday, and was steady for
q time; then ruled weak; it declined sc,
then fluctuated some, and closed SC lower
Tor July and 1sc higher for August than
yesterday. July opened at 3114c,, and
closed at 37c August opened at 3s9sc.,
ana closed at 3Sc., cash and June
ueliVpry Onts ware. xyoa aud about